Air Purifier Market worth USD 24.78 Billion by 2028, registering a CAGR of 10.24% – Report by Market Research Future (MRFR)
New York, Aug. 16, 2021 (GLOBE NEWSWIRE) — Air Purifier Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Air Purifier Market Research Report, Product Type, Sales Channel and Region – Forecast till 2027” the market size is projected to be worth USD 24.78 Billion by 2028, registering a CAGR of 10.24% during the forecast period (2021 – 2028), The market was valued at USD 13.12 billion in 2020.
Competitive Analysis:
Highly competitive, the air purifier market appears fragmented due to the presence of many notable players. To gain a larger market share and create new markets, industry players adopt strategic approaches, such as mergers and acquisitions, collaborations, and others. They make substantial R&D investments in product development and keep themselves updated with new technologies.
For instance, on Aug.06, 2021, IKEA, a leading furniture brand in Sweden, launched its latest two-in-one air purifier – Starkvind, easily transformable into a coffee table. The new air purifier that can double as a side table ensures households can enjoy clean air even in tight on space homes. The IKEA Starkvind air purifier is also available as a stand-alone appliance suitable for small-to-medium rooms.
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List of the Key Companies Profiled in the Air Purifier Market Research Report are:
- Sharp Corporation (Japan)
- Dyson (Singapore)
- Panasonic Corporation (Japan)
- Honeywell International Inc (US)
- Unilever (UK)
- Midea Group (China)
- Xiaomi Inc (China)
- COWAY CO. LTD (South Korea)
- Koninklijke Philips N.V. (the Netherlands)
- Blueair (Sweden)
- Daikin Industries Ltd (Japan)
- LakeAir (US)
- Samsung (South Korea)
- IQAir (Switzerland)
- Broad Group (China)
- AB Electrolux (Sweden)
- Whirlpool Corporation (US)
- YADU Int’l Technology (Beijing) Co.Ltd (China)
- BONECO AG (Switzerland)
- Austin Air (US)
- Airgle Corporation (US)
- Rabbit Air (US)
- Airdogusa (US)
- Levoit (US), among others.
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Developments in Online /Ecommerce Distribution Channels Increase Market Sales
The global air purifier market outlook appears extremely positive. Factors such as mounting incidences of airborne infectious diseases & viral infections and the rising awareness among consumers about depleting clean air quality due to increasing pollution levels in the environment boost the air purifier market size.
Besides, the increasing life-threatening epidemics like H5N1 Avian influenza, H1N1 Swine flu, and COVID 19 pandemic impact the air purifier market growth positively. Developments in online/eCommerce distribution channels foster the market growth, bringing about advanced air purifiers with wide price ranges.
Additionally, the spurring rise in consumer electronics industries worldwide impacts the market growth positively. Rising consumer purchasing power, alongside the vast economic growth worldwide, influences the penetration of air purifiers further. The market growth is also driven by major innovations in home & industrial appliances, and rising air purifier uses in residential and commercial spaces.
High Costs of Air Purifiers Restrict Market Growth
Slowed down economy due to Coronavirus complexities and prohibitive prices of air purifiers are major growth restraining factors currently affecting market health. However, manufacturers are focusing on reducing the overall manufacturing cost of air purifiers. This, as a result, would support the market growth throughout the review period, bringing about affordable products in the market.
Also, strict regulations and considerable healthcare spending are expected to influence air purifier market growth. People are increasingly spending on air purifiers to clear various indoor pollutants concentrated in home and office setups. Furthermore, growing technological innovations and expanding population are estimated to define the growing market landscape.
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COVID 19 Impacts on the Market
The onset of COVID 19 had a positive impact on the air purifier industry. The pandemic fostered an interest in hygiene and immunity. On one side, where manufacturers faced consequences of the lockdown mandates, such as obtaining key raw materials & components, attracting workers from quarantines, and bringing end products to markets, on the other hand, the pandemic promoted air purifier uses.
Concerns pertaining to poor air quality have encouraged manufacturing capacities, accelerating the market rise. Major manufacturers are seen making substantial investments in R&D and market expansion. The air purifier market is estimated to witness a vast revenue rise in 2021 and beyond.
Segmentation
The market is segmented into product types, sales channels, and regions. The product type segment is sub-segmented into HEPA, activated carbon air, ion & ozone generator, UV air, and other purifiers. Among these, the HEPA purifier segment holds the largest market share, witnessing growing sales in households. The sales channel segment is sub-segmented into online and offline. The region segment is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.
Regional Analysis
The Asia Pacific region dominates the global air purifier market, mainly due to the vast presence of key industry players offering innovative product ranges. Moreover, the rising awareness for impacts of pure air on health, alongside the growing prevalence of airborne diseases, such as asthma, allergy, pet dander, and others, creates substantial market demand.
Rising pollution levels and low immunity disorders in children, elderly, and ailing people add to the market value. Furthermore, the expansion of online and offline sales channels boosts the region’s air purifier market share.
Segmentation of Market covered in the research:
Information by Product Type (HEPA Purifiers, UV Air Purifiers, Activated Carbon Air Purifiers, Ion & Ozone Generator Air Purifiers and others), By Sales Channel (Offline and Online) and Region (North America, Europe & Asia-Pacific))
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